New York, Feb 26, 2026, 17:11 (EST) — After-hours
- Spot gold was little changed at $5,168.72 an ounce; U.S. April gold futures settled down 0.6% at $5,194.20
- Traders weighed U.S.-Iran nuclear talks and fresh signals on U.S. tariffs as the key drivers
- Focus turns to Friday’s U.S. producer price data and the next round of nuclear negotiations
Gold prices held steady on Thursday as traders waited for headlines from U.S.-Iran nuclear talks, with spot gold at $5,168.72 an ounce and U.S. gold futures settling down 0.6% at $5,194.20. Razan Hilal at FOREX.com said gold had struggled to stay above $5,200 — “a resistance level”, meaning a chart area where sellers tend to show up — and warned of a pullback if a geopolitical deal takes shape. Peter Grant at Zaner Metals said there was still “enough uncertainty out there,” and he kept an eye on targets around $5,340.72 and $5,400 even as he flagged near-term dips. 1
The metal is trading like a headline market again. Tariff policy is feeding inflation worries, while any sign of reduced military risk in the Middle East can drain some of the safe-haven bid — money parked in assets seen as protection when risk rises.
U.S. data on Thursday showed initial jobless claims rose 4,000 to 212,000 last week, while continuing claims fell 31,000 to 1.833 million, pointing to a labor market that is steady rather than cracking. Carl Weinberg at High Frequency Economics said the numbers would “jolly up traders” who think the Federal Reserve will not cut rates soon, a shift that can sap demand for non-yielding gold because it pays no interest. 2
Gold had jumped the previous session, with spot up 1.1% to $5,202.28 and April futures settling about 1% higher at $5,226.20, as investors leaned into hedges against tariffs and geopolitics. “There’s an inflationary impact from tariffs and high oil prices,” TD Securities strategist Bart Melek said, describing a market that was looking to gold for protection. Bank of America said it sees scope for a softer patch into spring but argued renewed tariff uncertainty could keep any consolidation short; gold hit a record $5,594.82 on Jan. 29 and was up about 20% this year, the bank noted. 3
On the diplomatic front, Oman said the United States and Iran made “significant progress” in Thursday’s talks and would meet again soon, with technical-level discussions scheduled next week in Vienna. A credible path toward a framework deal would reduce the immediate risk of U.S. strikes, a scenario traders have treated as supportive for bullion. 4
Tariffs remain the other big swing factor. U.S. Trade Representative Jamieson Greer said the U.S. tariff rate for some countries would rise to 15% or higher from the newly imposed 10%, and said the administration was preparing a move “where appropriate.” 5
In the rest of the metals complex, spot silver fell 2.5% to $87.14 an ounce, while platinum slid 2.2% to $2,236.37 and palladium dropped 1.9% to $1,761.05. The pullback underlined how fast the market is reacting to shifts in risk appetite.
But the trade can flip quickly. A clean diplomatic breakthrough — or U.S. data that forces traders to push rate cuts further out — could lift the dollar and real yields and pressure gold, especially with prices struggling to clear that $5,200 area.
Next up is U.S. producer price index data due at 8:30 a.m. ET on Friday, which traders use to gauge inflation pressure working through the pipeline. Another hot print can revive the “higher for longer” rate argument that typically works against gold. 6
Beyond the data, investors are watching the timing of the next nuclear talks and the Fed’s March 17-18 meeting for signals on the 2026 rate path. Gold markets have priced volatility around both events lately, and the next set of headlines may decide whether this week’s rally holds or fades. 7
